28B.13.030 - Bond anticipation notes -- Authorized -- Payment of principal and interest on -- Disposition of proceeds from sale of bonds and notes.

Bond anticipation notes — Authorized — Payment of principal and interest on — Disposition of proceeds from sale of bonds and notes.

At the time the state finance committee determines to issue such bonds or a portion thereof, it may, pending the issuing of such bonds, issue, in the name of the state, temporary notes in anticipation of the money to be derived from the sale of the bonds, which notes shall be designated as "bond anticipation notes". Such portion of the proceeds of the sale of such bonds that may be required for such purpose shall be applied to the payment of the principal of and interest on such anticipation notes which have been issued. The proceeds from the sale of bonds or notes authorized by this chapter shall be deposited in the state higher education construction account of the general fund in the state treasury and shall be used exclusively for the purposes specified in this chapter and for the payment of expenses incurred in the issuance and sale of the bonds.

[1974 ex.s. c 181 § 3.]